House Prices Rose in July for Third Straight Month

New York, NY, Sept. 29, 2009--House prices in 20 major cities rose by 1.6% in July compared with June, the third monthly increase in a row, according to the Case-Shiller home price index released Tuesday by Standard & Poor's.

In July, prices rose in 18 of 20 cities. Only Seattle and Las Vegas recorded lower prices in July than in June.

In the past year, prices are down 13.3% in the 20 cities. Prices are down 32.6% from the peak, and are now at levels seen in late 2003.

Prices in all 20 cities were lower in July 2009 than in July 2008.

The figures are not seasonally adjusted. Prices typically rise in the summer months when demand is stronger.

The figures indicate a "stabilization in national real estate values," said David Blitzer of S&P, who cautioned that the expiration of the first-time home buyer tax credit and increased foreclosures could put more downward pressure on prices.

Rising unemployment is now driving foreclosures. Another wave of foreclosures from interest-payment only mortgages is anticipated.